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US stocks drift lower in midday trading; Homebuilders sink on weak confidence survey

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NEW YORK — U.S. stocks are moving lower in midday trading, giving up an early gain.

Beazer Homes, Ryland Group and other homebuilder stocks fell after a survey showed that the industry's confidence in the housing market remains low.

PHOTO: FILE - In this April 11, 2014 file photo, traders work on the floor of the New York Stock Exchange, Friday, April 11, 2014. World stock markets were mostly lower Tuesday, April 15, 2014, as Ukraine tensions continued to bubble and jitters about China's economy resurfaced. (AP Photo/Richard Drew, File)
FILE - In this April 11, 2014 file photo, traders work on the floor of the New York Stock Exchange, Friday, April 11, 2014. World stock markets were mostly lower Tuesday, April 15, 2014, as Ukraine tensions continued to bubble and jitters about China's economy resurfaced. (AP Photo/Richard Drew, File)

Coca-Cola rose after reporting higher sales of non-carbonated beverages. Johnson & Johnson rose 2 percent after reporting higher profits.

The Standard & Poor's 500 index fell six points, or 0.4 percent, to 1,824 as of noon Eastern Time.

The Dow Jones industrial average shed 54 points, or 0.3 percent, to 16,119. The Nasdaq composite dropped 46 points, or 1.2 percent, to 3,977.

Bond prices rose. The yield on the 10-year Treasury note fell to 2.61 percent.

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